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Pelosi: Give Obama Power to Personally Lift Debt Limit

Questionable source for sure but it supplies video of Nancy saying so.

House Minority Leader Nancy Pelosi (D-Calif.) said on Friday that Congress should hand over to President Barack Obama the power to unilateral increase the limit on the U.S. government's debt.
In effect, under the plan Pelosi is endorsing, the only limit on the national debt would be President Obama's willingness to borrow money in the name of American taxpayers.

At a Friday press conference, a reporter asked Pelosi if she agreed with a proposal made by Treasury Secretary Timothy Geithner that Congress give Obama the power to unilaterally increase the debt limit.

"Yes," she said.

The Constitution expressly gives the power to borrow money to Congress--not the president. Article 1, Section 8, Clause 2 says: "Congress shall have power ... To borrow money on the credit of the United States."

When he met with members of Congress on Thursday to discuss a deal to avoid the so-called fiscal cliff that is set to occur at the end of this year, Secretary Geithner suggested that Congress give Obama the personal power as president to lift the legal limit on the federal government's debt.

In keeping with its constitutional power to borrow money on the credit of the United States, Congress periodically enacts legislation authorizing the president, through the Treasury, to borrow money up to a certain set limit. Pursuant to a deal negotiated by Obama and House Speaker John Boehner in August 2011, Congress enacted legislation increasing the debt limit by $2.4 trillion to a maximum of $16.304 trillion In the 16 months since Congress gave the administration that $2.4 trillion in additional borrowing authority, the Treasury has almost exhausted all of it. As of the close of business Thursday, it had only another $110 billion left.

In the end it's the job and responsibility of the Congress. Giving this power to the president defies the constitution and law. Not that it means much nowadays. Especially if they just pass a bill doing it without the required constitutional amendment. Imagine if Bush would have proposed this??? Pelsoi and all the dems would be singing a different tune that's for sure. I think that anyone who supports this is crazy. This power in the hands of any president would be disastrous. At the same time Congress isn't much better but at least we have some debate and power over these kind of things. Just another step closer to a king than president.

Now if true how can anyone think this is a good idea not to mention constitutional????

Congress first gave away the parliamentary control to issue debt in 1917 to the executive branch so we could fight wars better. So I guess they could pass a law to get rid of the only legislative power over debt now. Whether constitutional or not though, this is a really really bad idea. Expect beltway will spin limits of executive power tied in. But expect limits will eventually matter as much as the War Powers Act anymore. And/or its creation keep increasing executive power such as the 1978 FISA (Foreign Intelligence Surveillance Act) that every President has been able to get expanded amendedments (Patriot Act et al) to increasing power.

Just waiting till Obama gives himself powers like the Egyptian President........every President since Washington has expanded the powers of the Exec office. Really not a lot farther they can go is there? Better yet...how much more are the people willing to take?

The Obama administration's opening bid on Thursday in negotiations to avert a year-end fiscal crunch included a demand for new stimulus spending and authority to unilaterally raise the U.S. borrowing ceiling, a Republican congressional aide said.

The proposal, made by Treasury Secretary Timothy Geithner to congressional Republican leaders on Capitol Hill, was seen as offering little the Republicans could agree to and was greeted with laughter, the aide said.

Obama's negotiators also sought the ability to raise the nation's borrowing limit unilaterally. Currently, Congress must approve an increase in the debt ceiling, and it was an impasse over that issue that brought the country perilously close to default in 2011.

...no wonder the Republicans where laughing. Meh to Romneny, voted for the other choice in Johnson over Stein. Good thing at least the Republicans held on to the House though...hopefully.

It really is a simple equation: debt celling = gross domestic product. You know why the US will never balance that equation, because no one wants to sacrifice anything in their personal lives and corporate America is worried about the bottom line of the company and nothing more.

I've said it before the next revolution in this country isn't going to be a physical revolution it is going to be a financial revolution. You want to make a statement to the US government and world that you have had enough of the bull****, get 80+% of the US population to refuse to pay their taxes once.

It really is a simple equation: debt celling = gross domestic product. You know why the US will never balance that equation, because no one wants to sacrifice anything in their personal lives and corporate America is worried about the bottom line of the company and nothing more.

I've said it before the next revolution in this country isn't going to be a physical revolution it is going to be a financial revolution. You want to make a statement to the US government and world that you have had enough of the bull****, get 80+% of the US population to refuse to pay their taxes once.

My guess is **** would change real fast.

Or if you really want to make the **** hit the fan, organize a movement where most of America withdraws everything from their bank accounts on the same day.